Allianz Asset Management GmbH Buys 521,384 Shares of Payoneer Global Inc. (NASDAQ:PAYO)

Key Points

• Allianz Asset Management GmbH increased its stake in Payoneer Global by 55.8%, acquiring a total of 1,455,566 shares worth approximately $10.64 million.
• A number of institutional investors, including Susquehanna Capital Management LLC which increased its holdings by 290.3%, have shown significant interest in Payoneer, with institutional ownership now at 82.22%.
• Analysts maintain a consensus "Buy" rating for Payoneer Global, with an average price target of $9.81, despite recent price adjustments and earnings misses.

Allianz Asset Management GmbH lifted its stake in Payoneer Global Inc. (NASDAQ:PAYO - Free Report) by 55.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,455,566 shares of the company's stock after purchasing an additional 521,384 shares during the period. Allianz Asset Management GmbH owned 0.40% of Payoneer Global worth $10,640,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAYO. IFP Advisors Inc lifted its stake in shares of Payoneer Global by 47,800.0% during the 1st quarter. IFP Advisors Inc now owns 6,227 shares of the company's stock valued at $46,000 after buying an additional 6,214 shares in the last quarter. Aspen Capital Management LLC purchased a new stake in Payoneer Global in the 1st quarter worth $1,420,000. Victory Capital Management Inc. increased its stake in Payoneer Global by 50.1% in the 1st quarter. Victory Capital Management Inc. now owns 4,395,656 shares of the company's stock worth $32,132,000 after buying an additional 1,467,357 shares in the last quarter. New York State Common Retirement Fund increased its stake in Payoneer Global by 495.8% in the 1st quarter. New York State Common Retirement Fund now owns 496,507 shares of the company's stock worth $3,629,000 after buying an additional 413,171 shares in the last quarter. Finally, Cerity Partners LLC purchased a new stake in Payoneer Global in the 1st quarter worth $96,000. 82.22% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PAYO has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upgraded Payoneer Global from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $7.00 to $9.00 in a research note on Tuesday, May 13th. The Goldman Sachs Group cut their price target on Payoneer Global from $11.00 to $9.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Jefferies Financial Group increased their price objective on shares of Payoneer Global from $8.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, May 27th. Needham & Company LLC dropped their price objective on shares of Payoneer Global from $14.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Payoneer Global in a report on Thursday, July 17th. They set a "buy" rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $9.81.

Insider Activity

In other news, Director Susanna Morgan sold 16,180 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $6.77, for a total transaction of $109,538.60. Following the sale, the director directly owned 80,902 shares in the company, valued at approximately $547,706.54. This represents a 16.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.58% of the company's stock.

Payoneer Global Price Performance

Shares of NASDAQ PAYO traded up $0.05 during mid-day trading on Wednesday, hitting $6.66. 3,098,766 shares of the company's stock traded hands, compared to its average volume of 2,181,941. The company's 50-day moving average is $6.78 and its two-hundred day moving average is $7.74. The company has a market capitalization of $2.41 billion, a P/E ratio of 22.20 and a beta of 0.98. Payoneer Global Inc. has a 1 year low of $5.03 and a 1 year high of $11.29.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $246.62 million for the quarter, compared to analysts' expectations of $244.52 million. Payoneer Global had a net margin of 11.32% and a return on equity of 15.70%. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 earnings per share. Equities analysts anticipate that Payoneer Global Inc. will post 0.34 EPS for the current fiscal year.

Payoneer Global Profile

Payoneer Global Inc operates as a financial technology company. It operates a payment infrastructure platform that provides customers with a one-stop, global, multi-currency account to serve their accounts receivable and accounts payable needs. The company delivers a suite of services that includes cross-border payments, physical and virtual MasterCard cards, working capital, risk management, and other services.